To change the "Loren Ipsum..." from the homepage, go to the dashboard of the hotsites and click on Hotsites Pages. Point your cursor to the "Home" page and click the edit button that will appear below home.
Simply delete the text with the description of your hotsite. After you have done your changes, click update button to save your update/changes.
After saving your changes, go to your site or reload it to see how it looks like on your homepage.